FPCCI praises govt commitment to follow macroeconomic fundamentals

By: News Desk      Published: 02:15 AM, 11 Oct, 2020
FPCCI praises govt commitment to follow macroeconomic fundamentals
Federation of Chambers of Commerce and Industry President Mian Anjum Nisar wants real stakeholders onboard.–File Photo

The Federation of Chambers of Commerce and Industry appreciated the government’s commitment to follow macroeconomic fundamentals through effective policymaking and targeted reforms.

 The body also called for taking the real stakeholders onboard for an ultimate object of sustainable and inclusive growth trajectory, a press release said on Saturday.

FPCCI President Mian Anjum Nisar stressed the need for designing policies in consultation with real stakeholders to address economic challenges like inflation, stagnant exports and resource mobilization.  

He said major economic indicators are showing positive growth which manifested the fact that the government has put the economy in the right direction, saying the policymaking in consultation with the private sector will overcome the economic challenges, besides removing hitches to speedy economic recovery. 

“The FPCCI has been working with the government to utilize its abilities to review the overall economic situation and coordinate policy actions in an effective manner to achieve the desired targets of key economic indicators.” 

Mian Anjum Nisar said there was significant growth in foreign reserves and foreign direct investment with a decline in the current account deficit. The large scale manufacturing sector was also showing improvement. The boost in the economic activities would hopefully improve the overall situation in every sector, he added. 

He said that the current accommodative stance of monetary policy will support economic recovery while inflationary pressure is also expected to ease out in coming months due to various policy measures. He hoped that the exports would register a sharp improvement in Oct 2020. He said that current account balance is in surplus, which will have a positive impact on the exchange rate stability of the currency. 

He said the economic outreach initiative launched by PM Imran Khan would bring a positive change. Efforts should also be made to highlight the country’s soft image across the world, he demanded.